russia 24, right now the main facts of this day in the studio are georgy podgorny and natalya litovka, but we’re starting with the obvious topic, today in moscow is another record hot day, but rescuers have already begun to issue emergency warnings about showers and thunderstorms that are approaching the central regions and regions of the country, will they be the end of a protracted period of abnormal heat, let’s ask evgeniy tishkovets, yes evgeniy, welcome, it’s hot, of course, in some sense good, in some sense bad, but... how long will it take us to say goodbye to hot?

good afternoon, colleagues, we will indeed say goodbye to the heat soon, but today it has reached its peak. it can already be stated that july 4 has become the warmest day since the beginning of the year. according to data for 15:00, the thermometer at the vdnh reference weather station showed 33.1. there are only 6° left before the record, so there is still a chance for it to be updated. by the way, it warmed up to +34.6°. the unprecedented heat has already led to the fact that the water temperature in the moscow river has become higher than in the black sea. now it is 24-25° versus 18 in anapa and 22 in gelendzhik. city services continue systematically water the streets of the capital in order to somehow cool the hot asphalt. in moscow, the asphalt melts, it was standing at the dc, it stuck to the wheels, like this. i'm driving, the steering wheel is shaking, i

stopped, i'm now carefully scraping it out into a bag so that it doesn't stick to anyone else. insects react to climate change towards warming; entomologists have noticed that due to the heat in the moscow region , praying mantises and wasp spiders can now breed; they love warmth, and apparently the capital region has become a comfortable habitat for them. friday, east and south, european. as well as the urals, most of ugra and yamal, will be under the tutelage of a predominantly sunny and sultry anticyclone with a pronounced heat anomaly in the middle volga region, there will be no precipitation only in the arkhangelsk region, the koma republic, in the polar urals in the sverdlovsk region, in the rest of the territory , if possible, then only intramass and very mosaic cumulus rain clouds, well, now we have a live broadcast. conference,

the chairman of the bank of russia, elvira, will answer your questions nabeulina, please introduce yourself, name your publication, anastasia, please, hello, saveleva, anastasia interfax, is the central bank now satisfied with the procedure for forming rates, are there any plans to make changes to the procedure for calculating the official rate, if so, which ones and do you see them? risks of suspension of trading in the yuan, exchange trading in the yuan in russia, i will write down, because. several questions are raised at once, i am forming an official course and it, in the second part, i will say briefly, we take everything into account risks as for the formation of the official exchange rate, our task is to ensure that the official exchange rate reflects the economic value as reliably and fully as possible.

in order to prevent possible manipulation of the exchange rate, please, good afternoon, according to expert estimates, like this, if you collect the entire market cross-section, it turns out something like this, my question is: does the central bank see such fragmentation, of course, the exchange rate has always been different , but now the spread is just a little bit different, yes, the order of spread of courses, does the central bank see increasing fragmentation,

can this be considered a problem and how to solve it, well, sometimes they call this problem of fragmentation of the multiplicity of exchange rates, but i remember... another, we really have always had differences in the exchange rate between cash and non-cash, maybe not so big, remember, here too , for example, in the spring of twenty-two , the spreads between cash and non-cash were large and cash was more expensive, then there was

a period when cash, accordingly, was even cheaper, yes, such fluctuations are possible, we also have possible exchange rate fluctuations during the day, that is...

tax adjustments to economic growth to inflation, as well as to the speed of achieving inflation goals over the horizon of 25-26 years, thank you, we have, as a first approximation , assessed the consequences of tax innovations that are now

being discussed in the state duma, and here our conclusions confirm even more preliminary conclusions that we made during the discussion of the situation at... the last meeting of the board of directors on the key rate, our conclusion is as follows, that in general, the effect of these tax innovations on inflation is neutral, but why? because oil and gas revenues, they are not oil and gas revenues, they all go into expenses, that is, those funds that are withdrawn from the economy due to increased taxes, they are returned back to the economy, and the budget rule, it does not change, but of course there are secondary effects associated with this new tax structure likely to influence behavior differently. population, well, that’s why there can be pro-inflationary and

disinflationary effects, how will they manifest itself, it will be possible to see it in fact. another feature, probably, of these tax innovations is that the pro-cyclicality of tax policy is somewhat increasing, because a significant part of the revenue is expected to come from an increase in the profit tax paid by industries. rental industry and an additional increase in the ndp, but this just means a slight increase in pro-cyclicality, we will also take this into account, colleagues, please, olga, hello, kommersant newspaper, olga sherunkova, i would like to ask the following question, relatively recently, you tightened macroprudential policy, from september 1 we will have new macro-surcharges, before that there was also a consistent tightening of macro-prudential policies , in your opinion?

from the point of view of the transmission of the impact of our decisions on inflation, colleagues, please, 24, tightening requirements for consumer loans may affect the dynamics of lending on the quality of bank loan portfolios, thank you, well, the quality of the tightening of macroprudential measures should affect precisely...

loans for loan dynamics for may, we have corporate lending has increased, the growth rate has increased even compared to april, the growth rate.

a long period of high rates obviously makes it difficult for many borrowers to refinance and service loans, in connection with this there are expectations of an increase in the number of defaults, as well as an increase in the share of overdue debt on corporate retail loans, please tell me whether the bank of russia has such expectations, and if so, then what measures should be expected so that this

danger does not turn into a real threat to financial stability, thank you, we we don't expect it. such an increase in the number of defaults not on corporate lending, not on corporate bonds, not on retail lending, if we talk about corporations, corporations received quite large profits, last year this is an easy to remember figure of 33.3 trillion rubles, this is quite a large profit, and this allows you to service loans, and of course we too... look from the point of view of financial stability risks, we don’t see any risks, of course, the solvency of specific borrowers depends on their business model already accumulated credit load, as for retail lending, we also don’t see such risks, in addition, for loans

to individuals, our citizens... floating rates are practically not common in our country, yes, that is, when a person takes out a loan, then the key interest rate increases rate and the rate at which it services a loan can automatically increase, there are such loans in the corporate sector, and by the way, from september 1 we will already have introduced a ban on consumer loans to citizens at a floating rate, and on mortgages there will be certain restrictions, this is also not...

a russian newspaper, please tell me when and how much the limits on sbp transfers to other people can be increased? we currently have a limit of 100,000 rubles, but we do not see the need to increase it, because when it comes to transfers to other individuals, relatives, friends, well, individuals in general , we see that basically the need for this kind of transfers is covered this limit.

there is no such need, colleagues, are there any other questions, yes evgenia, please, evgenia gorbanova, fontanka ru, st. petersburg. sometimes the statement is heard from high tribunes that the russian banking system, due to state subsidies for loans and increased interest rates, has become the main beneficiary of state policy to reduce inflation. does the bank of russia have an assessment of these excess incomes and a plan for their redistribution to the real sector or budget. thank you, well , indeed, last year the banks showed good profits after the fall.

shows that the main beneficiaries there were developers, yes, and not even so much citizens, who, of course, received loans for them low rates seem attractive, but they had to take out a large loan amount only because, as a result of preferential programs, the price per square meter has increased significantly, which is why we talked about the fact that we must first of all pay attention to the affordability of housing, namely housing. and not the availability of interest rates there, that’s what concerns the increase in interest rates, here sometimes they forget that a bank has two

sides to a bank, and banks give loans at higher rates, it would seem they earn more, but they also attract deposits at higher rates, but in banks some now reach 18 more, that is, as the key rate increases , their interest rates increase. deposit rates on loans immediately after the key rate increase, and banks' margins increased for a short time, why? because many loans, i already spoke to the corporate sector on floating inserts, and rates there automatically increase, and deposit rates on them increase gradually as deposits expire, and so on, but then after a while we see it, it is the margin again...

in enterprises, that is, they send out profits, increase capital, you need to increase capital in order to increase lending, loans cannot be increased if your capital does not grow, loans are given specifically to the real sector of the economy, so increasing capital at the expense of profits is a necessary condition for increasing loans to the economy, colleagues, please, please introduce yourself, the last row, thank you very much,

there were 200 billion, so the doubling happened, but that’s all equally, this is not much, in our opinion not much, when we included this program, we set up

banking regulation so that banks would be... profitable, more profitable to lend to transformation projects than other projects, yes, that is, this is exactly the kind of stimulating non-neutral regulation, but we we proceeded from the fact that these are projects in areas that are important for the economy as a whole, and other mechanisms will be connected specifically for these projects, and guarantees and benefits, and so on, but so far this has not happened, so if we we want these programs to be more. actively financed by banks, of course, additional measures are needed from the government to support this kind of projects, then , unfortunately, there are not many projects, because there should be a flow of projects that banks can select, and we also have development institutions in which, which offer quite favorable conditions, they don’t even reach the banks, for example, the industrial development fund, it works well,

but these kind of projects they go straight there. and it doesn’t even reach the banks, colleagues, who hasn’t had time to ask yet, yes georgy, and georgy, a member of forbes, would like to return a little more to the issue of exchange rate formation, after the cancellation of exchange trading in the dollar and euro, the ruble strengthened, in general it noticeably strengthened against these currencies, there is a point of view that such dynamics are connected with the adjustment of importers to the new channel for purchasing foreign currency, do you agree with this assessment? and how long such an adjustment can last, what difficulties it entails, and can we say that the balance of supply and demand in toxic currencies in did it somehow change due to the transition from exchange trading to over-the-counter trading? our ruble began to strengthen even before the introduction of sanctions on the stock exchange, and indeed one, one, one of the factors is the difficulty of

import payments. since the end of last year, we saw this in the dynamics of imports, yes, this is one of the factors, to a lesser extent, probably the minimal impact of the fact that trading has moved from the exchange to the over-the-counter market, we used to have an over-the-counter market, it was half of trade, somewhere around half of currency trade, in many...

at one of the last meetings with market participants, with professional participants, they said the following phrase: that the market has no ideas, you meant this in relation to the topic that you raised yesterday at the plenary session, that we need to move on from patching holes with tape to something more long-term solution to these problems or did they put some other meaning into these words? oh, i don’t remember, unfortunately, in what context i spoke, because it seems to me that the market still has ideas and we...

i see the problem in the reluctance of issuers to exit to the capital market and attract equity capital, and everyone is more comfortable working with debt, there are still enough investors, but if our large companies entered the capital market, yes, then maybe the question would be how to stimulate investors, yes, but now we have while investors are interested, if someone comes out with an interesting debt from us. some companies simply have multiple subscriptions, we see a lot of investor interest here, colleagues, please, tatyana, tatyana chubasova, interfax agency, in april the congress of russian banks, bank associations russia, one of the bankers raised the question that perhaps the time has come to increase the requirements, the minimum capital requirements for banks, you then said that you would think about this issue, the last time an increase.